May 2023 Residential Home Sales

The good news continues to roll in. And, since EHT readers have not been burdened with interest rate fables, we have not been surprised.

I think we remain in a gray area about whether we will have a soft landing or not, but I think my ongoing thesis for this cycle continues to be increasingly confirmed. If the Fed does end up breaking some stuff (I don’t think they need to.), they will not break housing construction. Too many other things would need to break before housing breaks, so they really can’t break housing.